The Aruban government and Venezuela’s Citgo Petroleum Corporation are finalizing an agreement to reopen an oil refinery that has been shuttered since 2009, The Washington Times wrote.

Aruban Energy Minister, Mike de Mesa, says the accord calls for the rehabilitation of the facility and provides the US-based subsidiary of Venezuelan state oil company PDVSA with a 15-year operational lease and a 10-year extension option. The refinery is expected to process 209,000b/d of crude, The Miami Herald reported.

De Mesa announced the accord at a conference, while Prime Minister, Mike Eman, said that the reopening was important for Aruba’s economic development, according to the Daily Mail.

The refinery previously employed 700 workers and was operated by Valero Energy Corporation.